"Family Financial Feuds Inclusive Financial Education and Practices"

According to the National Disability Institute (NDI), individuals with disabilities who are Black, Indigenous, or Latinx have 28% to 36% higher poverty rates. They are also less likely to be able to save for unexpected expenses compared to their White counterparts. This data speaks to the importance for all individuals and businesses to have access to affordable financial resources and services that meet their needs.

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As a consumer, you have likely felt the impact of inflation on your wallet, but have you considered how inflation can affect your credit? Costs of various products have gone up, along with interest rates. According to the Consumer Financial Protection Bureau, Consumer Price Index (CPI) for used cars and trucks has increased 40% since January 2021, 12% for new cars, and the average auto loan interest rate for borrowers with a poor credit history is now between 9 and 20 percent annually.

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According to data from the Supplemental Fraud Survey (2021), an estimated 3 million American adults reported being victims of personal finance fraud during a 12-month period and lost more than $3.2 billion total. Furthermore, it is equally important to acknowledge that more than half of financial fraud victims also reported experiencing socioemotional problems due to the incident.

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Did you know that 32% of U.S. households do not have enough money saved to cover a $400 emergency expense? Maybe the needs in your household are constantly changing, you and your partner don't always agree on how to spend your money, or you aren't sure how to start a savings plan; there can be many barriers that get in the way of saving.

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When I first started using credit, it was exciting and intriguing to learn how I could build and improve my credit over time. At that time, I never thought about how my personal characteristics (e.g., age, accent/nationality, race, gender, etc.) could be used against me. I became interested in fair access to credit several years ago when I started paying closer attention to federal and state guidelines for obtaining credit.

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When it comes to creating saving goals, we often think of big-ticket items such as saving for a down payment on a house, education, car, retirement, and emergencies. Saving for fun goals such as a vacation/travel or a concert may not always be front and center.

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In a world where teens face so many challenges and opportunities, how can we help make sure they learn effective money management skills? To begin answering this question, it is essential to consider what socialization factors could influence teens’ financial knowledge.

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In March, we celebrated and honored Women’s History Month on the Family Financial Feuds podcast! We discussed some of the myths about women and money. We also provided information on women’s longstanding and meaningful relationship with money.

To hear our conversation about women’s earnings, savings, and money management strategies. Listen on SoundCloud!

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Did you know that approximately 20 million workers left their jobs between May and September 2021? Employment changes are one of the many examples of life transitions that affect people’s finances.

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When I got my first credit card many years ago, I thought I was ready for all the responsibilities that came with managing this type of credit. Even though I did my due diligence to research the card company and believed I could afford to make my monthly payments, there were a lot of things I didn’t consider. I didn’t realize how having a balance close to my limit would affect my credit score. When I no longer wanted to have credit through that company, I also didn’t think through my rushed decision to close the card.